No denial of fee continuity benefit just because few partners didn't continue as directors in new Co

SEBI : Whether where there were five partners, of which three partners subsequent to corporatization jointly held 40 % paid-up equity capital and were also the Whole-time Directors of the company, then the departure of the other two erstwhile partners would not deny the corporate entity the benefits of fee continuity under Paragraph I(4) of Schedule III of the Securities and Exchange Board of India (Stock Brokers and Sub-brokers) Regulations, 1992- Held – Yes